December 10, 2025
In November, the Central Bank of Uzbekistan hosted a high-level conference on the role of the exchange rate within the country’s evolving monetary policy framework. Representatives from OGResearch, David Vávra, Karel Bauer, and Réka Doma, participated in the event alongside experts from the IMF, the Central Bank of Armenia, the World Bank, and TCX.
Managing Partner David Vávra moderated the panel session, guiding an in-depth discussion on how exchange rate flexibility can support Uzbekistan’s transition toward a more resilient and market-driven monetary policy framework. Karel Bauer addressed one of the conference’s central questions: to what extent exchange rate volatility can be considered acceptable or even beneficial for Uzbekistan’s economy, and how it should be managed to balance efficiency, competitiveness, and stability.
Participants emphasized that, under a clear and credible policy regime, measured volatility can enhance price discovery, strengthen risk management, and allow the economy to adjust more effectively to external shocks. At the same time, the discussion highlighted the importance of strong market infrastructure, transparent communication, and well-designed policy tools to mitigate risks.
